Novogradac LIHTC Acq/Rehab Overview Recording (Aug 2020)

This webinar recording addresses the issues associated with acquiring existing residential rental real estate for the purpose of rehabilitating it under the Low-Income Housing Tax Credit (LIHTC) program.

Original Air Date: August 19, 2020

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Duration: 3 hours
Access to Recording Expires: August 19, 2021

Instructors

Thomas Stagg, CPA
Partner
Novogradac

Wayne Michael, CPA, NPCC, HCCP
Principal, Senior Director of Education
Novogradac

Topics Covered

  • Overview of initially qualifying units for claiming LIHTCs
  • Significant dates for tax credit percentages
  • Tack-back rule
  • Acquisition
    • Land/building cost allocation
    • 10-year hold rule
    • Transfer of ownership issue
  • Qualifying existing tenants/units
    • Income limits for acq/rehab deals
    • 120-day rule
    • Signature dates vs. effective dates on tenant income certification
    • Over-income existing tenants (whether previously existing LIHTC development or not)
    • Income certification complications if acquisition is delayed
    • Previously qualified vacant units
    • Safe harbor rule
    • 120-day, available-unit-rule test
  • Rehabilitation (maximizing credits)
    • Rehab timing
    • Tenant transfers vs. moveouts
    • Occupied rehabs vs. vacant rehabs
    • End-of-the-month issues
    • Investor closing date (good vs. bad credits)
  • Record-keeping tips

Target Audience

Asset managers, underwriters, development team members, property managers and anyone involved with the acquisition and/or rehabilitation process.

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